What is ITR 1? Eligible and Documents

• Web Online CA 495

ITR 1, What is ITR 1? Eligible and Documents

Whenever you file ITR, it is important for you to know which form to file, There are 7 types of ITR forms in Income Tax Return, in this article you will know about ITR 1. ITR-1, also known as Sahaj. Designed for simplicity, ITR-1 is the perfect choice for individuals with direct income sources. Whether you are a first-time ITR filer or an experienced taxpayer, it is essential to understand the basics of ITR-1 to ensure smooth tax compliance.

What is ITR 1?

ITR-1, also known as SAHAJ, is specifically designed for individuals who have income from salary, a house property, and other sources, with individuals having a maximum income of Rs 50 lakh within a financial year. ITR-1 is the simplest form in the income tax return series and is meant for individuals who have direct income sources and no business income.

Who is eligible to file ITR-1?

Individuals eligible to file ITR-1 include:

Total income in the financial year should be less than Rs 50 lakh.

Salaried individuals with income from salary or pension.

Interest earned from savings accounts.

\Income should be derived from only one property.

Revenue should not come from other countries.

The person should not own any assets outside India.

Who is not eligible to file ITR-1?

Individuals who cannot file ITR-1 include:

If income is coming from more than one property.

Individuals having income from business or profession.

Income is more than Rs 50 lakh.

is a Director in a company.

If agricultural income of individuals is more than ₹ 5000/-.

Whose income comes from capital gains.

Which documents need to file ITR-1?

To file ITR-1 (Sahaj), you typically need the following documents:

PAN Card

Form 26AS : Form 26AS This is provided by your employer.

House rent receipt (if applicable)

Form 16

Bank investment certificates:

What types of income are excluded from ITR 1 form?

Income derived from business and professional activities.

Income from multiple properties.

Income under other sources